Price is finding support at the confluence of Base channel (Blue) and 50% wave 3 retracement.
I'm looking for a W1+W2 candidate structure to 'step' out of the Deceleration channel (Red) before I open a long trade for the W5.
Analysis using Elliott Wave with Kennedy Channeling.
This analysis posits a B of Y of 4 in progress. Resistance likely to be found at the major deceleration channel boundary (Large Red channel) with support to be found at the highest-degree Base channel shown (Blue).
STEEM / BTC accumulation channel exists for 5 months. A huge position is being recruited by a major market player. On the chart we see 3 zones of huge volume . We see long shadows. This means that someone bought in the market the lower sell orders that have accumulated. Then the price was lowered back down so as not to make a false start to growth.
The situation shown is now critical. The 3D time frame seems to be showing a resistance ledge, that could well collapse. Two weeks ago my early probability estimate was greater for the north.
But as the picture unfolds, I see the probability as now greater for the south. This does not mean that price cannot still rocket north.
Alt-BTC cap ratio has developed a wave 1 + 2 and 'stepped' out of it's long-term deceleration channel at the end of a very long falling wedge.
Candidate wave 3 is now in progress which means it's alt-o-clock!
Zoom-out to see the whole deceleration channel.
A descending triangle may be forming, the price has stayed predominantly towards the top of this triangle but due to other factors (current downtrend, ABCD pattern) I believe there will be a break to the bottom.
As you can see we are currently topped-out below a major resistance level, I've labelled some areas in which I wouldn't be surprised if there were to be a reversal.
D is where I'd expect the price to go, following my AB=CD pattern. So I wouldn't expect a breakout to the top, but it still has time to occur and still hit the D point.
it's important to note that...
Patterns withing patterns are some of the highest probability trades that we get.
We now have a clear mini ascending channel forming inside the larger ascending with potential for both the 3rd touch areas to line up.
Price could however form a continuation here and then drop so we will have to be patient and wait and see if price can correct up to the key areas...
We're now experiencing a third major touch of an ascending channel on this pair which looks to be respected. This level is also lining up with the 0.5 fib level. I'm placing my stop loss just below the 0.615 fib level with an open TP for the minute. Interested to see how this one plays out with a great RR!
This is a follow-up on AUDNZD, which is now at a critical position. Price can head south, north or sideways. No predictions - as I have no working crystal ball (and I'm not going to purchase one).
Vigilance is needed on this. Watch out for spikes and whipsaws.
The usual disclaimers apply - which means if you lose your money, sue yourself.
We've reached the structure high of the ascending channel (as mentioned in the previous post) and have correctively broken it on the 15min timeframe (with a rising wedge). We've now broken back into the channel but since it's the daily close, we're going to wait until the spreads calm down (which usually takes an hour or so after the daily close). I'll be entering...